President Joe Biden is expected to propose a major crackdown on tax avoidance to help pay for his "American Families Plan," The New York Times reported Tuesday.
"President Biden is expected to propose giving the Internal Revenue Service an extra $80 billion and more authority over the next 10 years as he looks for ways to raise money to pay for his economic agenda, according to two people familiar with the plan," the newspaper reported. "Mr. Biden's plan, which comes on top of a $2.3 trillion infrastructure proposal, is expected to cost at least $1.5 trillion and include funding for universal prekindergarten, federal paid leave, efforts to make child care more affordable, free community college and tax credits meant to fight poverty."
Biden will address the nation on Wednesday before a partial joint-session of Congress due to the pandemic.
"The administration will portray these efforts, coupled with new taxes it is proposing on corporations and the rich, as a way to level the tax playing field between typical American workers and high earners who employ sophisticated efforts to minimize or evade taxation," The Times reported. "Administration officials have privately concluded that an aggressive crackdown on tax avoidance by corporations and the rich could raise at least $700 billion on net over 10 years. The $80 billion in proposed funding would be an increase of two-thirds over the agency's entire funding levels for the past decade."
Read the full report.